Olswang, White & Case and Ashurst are among a raft of firms to have taken advisory roles related to the £62m rescue acquisition of property manager Peverel Group by a duo of private equity houses.

The acquisition has seen Peverel – one of the UK's largest property management companies – taken out of administration, securing 4,200 jobs and reducing the group's debt from £125m to £25m.

Olswang advised both of the acquirers, Chamonix Private Equity and Electra Partners, with the firm's team led by private equity partner Duncan McDonald alongside restructuring partner Seamas Gray.

Ashurst also advised Electra, with private equity partner David Carter in the lead role, while investment funds boutique MJ Hudson also acted for Chamonix led by partner Eamon Devlin.

White & Case advised administrators Zolfo Cooper with a team led by City corporate partner Ashley Ballard, with CMS Cameron McKenna acting for new lender RBS, fielding a team headed up by banking and finance partner Mark Moseling. Allen & Overy, Berwin Leighton Paisner and Addleshaw Goddard have all advised Peverel's former lenders, which include HBOS.

Olswang's McDonald said: "This was a delicate and time-pressured transaction involving many advisers. We worked in partnership with them to successfully navigate through a number of complex issues to secure the deal and the continuation of the Peverel business."

The Peverel Group comprises three divisions – Peverel Retirement, Peverel Property Management and Peverel Building Technologies. It was acquired by property investor Vincent Tchenguiz (pictured) in 2007 from US owner Holiday Retirement Corporation.

Peverel went into administration in March 2011 shortly after Tchenguiz was targeted in dawn raids by the Serious Fraud Office (SFO) as part of its investigation into the collapse of Icelandic bank Kaupthing. The SFO's actions have since been called into question, with Vincent and his brother Robert Tchenguiz recently winning the right to a judicial review of the circumstances surrounding the arrest.